Need an Insurance Broker? 7 Things to Consider Before Engaging an Insurance Broker

In making the decision on which broker to entrust your insurances, the following should serve as guide only because the process of entering into a business relationship can sometimes be complex. As a general rule an insurance broker insurance credentialing and contracting for providers and hippa :

I. Must be genuinely interested in understanding the business of his client, its risks and insurance needs. This should be an ongoing process as these insurance needs often change.

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II. Must always act in professional manner. In most countries the industry regulator stipulates minimum years of cognate experience and/or qualification for persons wishing to hold designated position in a firm of insurance brokers. This ensures to some extent that only reputable persons with proven ability get the nod to operate as brokers.

III. Must be knowledgeable not just about the classes of insurance sought by the client but about the insurance market as a whole and must therefore be up to date on developments in the industry.

IV. Must be willing to act on the client’s instruction. Though the client relies on the expertise of the insurance broker, crucial decisions like the insurer to place a risk with is made by the client after reviewing information/analysis presented by the broker.

V. Must be willing to assist in the negotiation of claims. From loss notification, preparing of claim substantiating documents through to final settlement of a reported claim.

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